FLINT, MI -- The city's emergency manager has updated the state on Flint's financial condition and many other key issues in a new report that concludes the city remains mired in a financial emergency.

Here are five key points made by emergency manager Darnell Earley in the 217-page report:

Coming soon: A Blue Ribbon Committee on Governance, which was appointed in January, is completing a review of "governance revisions needed in the city" and the report is expected to be delivered this month.

Higher income taxes: Representatives of the city have made a request through state legislators and the state treasurer "to push legislation to allow city voters the opportunity to decide to increase the income tax," a move that could generate $7 million annually and eliminate Flint's structural deficit.

Bankruptcy: There are mentions of the potential for a bankruptcy filing by the city, but in the context of something to be avoided. Discussing a pending retiree healthcare lawsuit against the city, the report says if Flint retirees must continue to receive benefits they retired with, the city will be forced "to consider the alternative we have all worked diligently to avoid -- bankruptcy."

600 demolitions: The city and Genesee County Land Bank have hit the 600 mark in their effort to demolish 2,000 homes with Michigan Blight Elimination and federal Hardest Hit grant funds. The funds must be used by April 2015.

No new streets: Only crack sealing and pothole repairs are on the agenda for city streets this summer, the second straight year without a single city street having been repaved.